Kudlow Contradicts Trump, Confirms US Consumers Are Paying For China Tariffs

U.S. President Donald Trump and Chinese President Xi Jinping meet after the G20 in Buenos Aires

Kudlow Contradicts Trump, Confirms US Consumers Are Paying For China Tariffs

The statement says: "On May 9, 2019, the United States government announced that since May 10, 2019, the tariff rate imposed on the $200 billion list of goods imported from China has increased from 10 percent to 25 percent".

The yearlong trade frictions between the world's two biggest economies re-escalated last week when the Trump administration announced a 25 per cent punitive tariff on thousands of Chinese products.

Officials appeared to be studying the potential impact on China's economy before picking their next steps, said Jake Parker, vice-president of the U.S.

Talks broke down Friday between the two countries after two days of negotiations because China's reluctance to concede United States demand that it must codify into law the changes it was undertaking to make as part of the deal and detail them, which Beijing saw as a sovereignty issue.

In the middle of the negotiations last week, Trump hiked tariffs on Chinese goods to 25% from 10%.

President Donald Trump and Chinese President Xi Jinping are likely to meet in Japan next month and attempt to end the growing war of tariffs between the two countries, chief White House economics adviser Larry Kudlow said Sunday.

While Kudlow said that China has invited top USA trade officials to Beijing to continue talks, no date for a potential 12th round of negotiations has been announced.

"The relationship between President Xi [Jinping] and myself remains a very strong one, and conversations into the future will continue", Mr. Trump tweeted.

Analysts at Wells Fargo, kept their forecast for US growth but warn that the recent escalation of the US-China trade war skews the risks to the downside.

"Hang tough on China, President @realDonaldTrump", Senate Minority Leader Chuck Schumer wrote on Twitter after Trump announced he would hike the China tarrifs. President Trump said Beijing "broke the deal" by backtracking on earlier commitments to change its policies.

The U.S. president, who has embraced protectionism as part of an "America First" agenda, stepped up his verbal attacks on China on Friday after two days of high-level trade talks in Washington ended with the two sides in an apparent stalemate.

"Fair enough. In fact, both sides will pay in these things, and of course it depends", he said when asked "if it's a tariff on goods coming into the country, the Chinese aren't paying". -China Business Council, an industry group.

Trump last week also ordered U.S. Trade Representative Robert Lighthizer to begin imposing tariffs on all remaining Chinese imports, which would affect an additional $300 billion worth of goods. "You had a great deal, nearly completed, and you backed out!"

Asked about the threat, Geng said, "We have said many times that adding tariffs won't resolve any problem. Copying a US expression - 'wait and see"'. Growth in the world's second-largest economy during the January-through-March period held steady at 6.4% compared with a year earlier, supported by higher government spending and bank lending. "Yet, today's announcement is merely a start, and the Trump Administration must do much more to fight for American workers and products", Pelosi said.

Spokesman: Biden would welcome campaign staff forming union
Sergio AGÜERO scores as Manchester City win Premier League title